Foundry Restructures Operations, Lays Off 27% of Workforce

Foundry, the operator of the world’s largest Bitcoin mining pool, Foundry USA, has announced significant layoffs as part of a strategic restructuring plan. On December 3, sources revealed that the company had reduced its workforce by 27%, affecting both U.S.-based employees and a portion of its team in India. The move comes as Foundry’s parent company, Digital Currency Group (DCG), prepares to spin off Foundry’s self-mining business into a standalone entity, while retaining control. Foundry confirmed the restructuring in a statement, noting the decision was aimed at doubling down on its core business of operating the leading Bitcoin mining pool and expanding site operations. DCG’s Spinout Strategy DCG disclosed in a November shareholder letter that the self-mining arm of Foundry is projected to generate nearly $80 million in sales by 2024. The spinoff, designed to operate as a wholly-owned subsidiary of DCG, aims to bring external hires onboard and attract capital investments. Foundry USA currently accounts for around one-third of the global market share among Bitcoin mining pool operators, according to data from Hashrate Index. Despite the layoffs, the company remains optimistic about its future, underscoring the spinoff as a strategic step to enhance the performance and autonomy of its mining enterprise. “We believe this enterprise will be stronger as a standalone business,” DCG noted, highlighting plans to raise capital and bring in new expertise to ensure continued growth. Industry Pressures The restructuring highlights broader challenges facing the Bitcoin mining industry as operators adapt to changing market conditions. With the network’s halving event in April , which halved the number of BTC rewards per block, mining operations are grappling with rising costs and increased competition. According to CoinShares’ Q3 mining report, the sector has seen varied outcomes as miners roll out new infrastructure and prepare for anticipated price hikes. Some have embraced artificial intelligence and other innovations to cut costs and stay competitive. The post Foundry Restructures Operations, Lays Off 27% of Workforce appeared first on TheCoinrise.com .

Source: The Coin Rise